Ametek Q3 Profit Increases; Updates 2014 Profit View - Quick Facts

(RTTNews) - Ametek Inc. (AME) reported that its third-quarter net income increased to $141.81 million from last year's $127.86 million last year. Earnings per share was $0.57 up from $0.52 in the prior year.

The third quarter 2014 results include one-time tax events benefitting the tax line, largely offset by a related negative impact in other expense.

Excluding Zygo integration costs of $13.7 million, or $0.05 per share, operating income for the third quarter of 2014 increased 13% to $231.8 million, and earnings per share increased 19% to $0.62 per share from the third quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales of $1.03 billion were up 16% over the same period of 2013 and at a record level. Wall Street expected revenues of $1.03 billion for the quarter.

Fourth quarter sales are expected to be up high single digits on a percentage basis over last year's fourth quarter. The company estimates its earnings to be approximately $0.60 to $0.62 per share, including the additional interest expense associated with its recent private placement and foreign exchange headwinds. Analysts expect the company to report earnings of $0.63 per share and revenues of $1.05 billion for the fourth-quarter.

Earnings for 2014, excluding Zygo integration costs, are expected to be in the range of $2.40 to $2.42 per share, up 14% to 15% from last year. This reflected an increase in the low end of its previous guidance from $2.37 to $2.40 per share.

The company continues to anticipate 2014 revenue to be up low double digits on a percentage basis from 2013 reflecting solid core growth and the contributions from recent acquisitions.

Wall Street currently is looking for fiscal year 2014 earnings of $2.41 per share on annual revenues of $4.04 billion.